United States Seventh Circuit

In a suit by shareholders of a telecommunications company alleging that defendant, while advising the company during its acquisition by another company, failed to advise plaintiffs on minimizing their exposure to financial losses, grant of a motion to dismiss is affirmed in part and vacated and remanded in part where: 1) plaintiffs were bringing a direct action on their own behalf, not a derivative one on behalf of the corporation, and to that extent had standing; but 2) plaintiffs' constructive fraud claim required them to allege that defendant owed them a fiduciary duty, but no such duty never arose.

Appellate Information

• Argued 01/25/2008
• Decided 08/19/2008
• Published 08/19/2008

Judges

• WOOD, Circuit Judge., Before BAUER, WOOD, and EVANS, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• William J. Harte, Harte & Associates, Robert D. Carroll (argued), Chicago, IL, for Plaintiffs-Appellants.


• For Appellees:
  
• David E. Koropp (argued), Winston & Strawn, Chicago, IL, for Defendant-Appellee.